Evaluating comps and calculating ARV

[Andre Vitalis]

Hey All, As a new investor i've been struggling to grasp how to figure the 'Comps and ARV' thing to get 'the numbers to work' for me. What are some common things a new wholesaler should know when it comes to evaluating a potential flip? Below is the summarized process i follow...

- Do my online/offline marketing

- Seller responds to marketing

- Seller and i go over property features and maintenance issue

- Seller communicates asking price (ex $99,999)

- I haven't worked out the numbers so i tell the seller i'll get back to them

- I figure out the comps; i find similar properties near the property i'm interested in and look at what they sold for.

- The property needs repairs. This is where i need help and/or advice. How do i calculate a rough estimate for these repairs? What are some common things to look for? Is this something i can do on my own or do i need to hire someone? I've looked at different sources who share different ways to accomplish this. What have some of you wholesalers done in the past?

- I make my offer to the seller

- The seller agrees to my offer and i put the property under contract

- The property is sold to an investment buyer

- I collect my fee (2k-10k+)

Thanks in advance :)